Jameson will soon face competition from a new Irish whiskey.

A brand new Irish whiskey is set enter the world whiskey markets. The men behind Ireland's famous Porterhouse brewery are in the process of establishing the Dingle Whiskey Distillery. North America will be their main market.

Irish whiskey currently has a 2 percent share in the world’s whiskey market and the businessmen hope to capture a significant portion of the whiskey market with their new Irish brand.

The whiskey stills will be of Scottish origin and the Dingle distillery development is expected to cost over $4.15 million. The business is expected to be profitable by 2012, and to make sales in excess of $2 million in 2014. Initial sales are expected to come from a Dingle cream liqueur.

The Dingle distillery will be the fourth distillery in Ireland. The existing distilleries are in Cooley Co Louth, Bushmills Northern Ireland and Midleton in Cork.

The directors of the new venture are Oliver Hughes, Liam LaHart and Jerry O'Sullivan. The men will invest $1.3 million of their own money into the company. They are using a business expansion scheme (BES) and will receive a grant of $570,000 and will raise another $1,145,000 from "founding fathers" investors.

The "founding fathers" will have to invest a minimum of $14,000 and will be subject to a 3 percent fee. The Porterhouse investors expect the scheme to be closed in the coming weeks.